All Forum Posts by: Account Closed

Do what you say you'll do. No empty marketing promises!

Open, frank communication at all times.

Welcome!

Cute dog! Beautiful Rehab! All the best.

I'm a proud 92%'er!

Just trying to figure out my strategy going forward to decide if I should go into 8%'er territory. Two properties is comfortable for me right now and a useful side income. I should have enough saved up by mid-2015 to buy a third but, as I said, I need to figure out the bigger picture first.

I've just started and only started getting rent checks since August 2014. So somewhere around $1000.

The first property I purchased was before I found Bigger Pockets. Although it wasn't a bad deal I certainly did better on my second property. By learning how to do a proper analysis I was able to focus on getting the best deal possible, pick a better area, get a better tenant, etc.

@Matt Devincenzo 

Thank you. This puts my mind at rest somewhat. I don't like that my name isn't on the agreement but as long as I would be recognized as a party to the agreement by virtue of owning the property, then I guess I would be comfortable.

I took on an existing lease when I bought my latest rental unit. I will keep the tenant and the property management company that the previous owner used. Is it normal to sign a new lease with an existing tenant or just to take over the existing lease without signing anything new?

My concern is the current lease has the previous owner's name and signature on it. My name is not on it at all. Its not that I want to change any of the terms and conditions in the lease but what legal rights will I have if I ever need to evict the tenant, for example? When I mentioned this to the property management company they clearly thought my concern was strange and that by the mere fact of my taking ownership of the property, all rights in the lease were automatically assigned to me.

What would you do? Would you insist on signing a new lease or, at a minimum, an addendum to the lease? Would you go a step further and request that the previous owner also sign a release that they relinquish all rights under the lease agreement in my favor?

look up @Darren Sager 

- he organizes a REI meeting in the city about once a month.

Welcome. There are meetups in the New York fairly often and you will meet many interesting people there.

There's always risk involved. If it were idiot proof then there would be a lot more millionaires out there. But you ask the right questions because to manage risk you have to know what they are.